Tornado Alley (PROG)

[StephanieVanbryce]

Thanks so much Dumb People!___Brexit will blow £59bn hole in public finances, admits Hammond

Chancellor attempts to strike cautiously upbeat tone but OBR warns of extra borrowing over next five years

Philip Hammond’s autumn statement
Heather Stewart, Rowena Mason
Wednesday 23 November 2016 20.39 GMT

VIDEO - 7:25

Philip Hammond conceded that Brexit will blow a £59bn black hole in the public finances over the next five years, as he outlined plans to boost investment in infrastructure and housing to equip the UK economy for life outside the European Union.

In his first fiscal statement, the chancellor, who had supported remain, sought to strike a cautiously upbeat tone about the country’s prospects, saying the economy had, “confounded commentators at home and abroad with its strength and its resilience” since the referendum result last June.

But the first official projections conducted after the vote of the likely impact of leaving the EU pointed to significantly weaker growth after Brexit. The Office for Budget Responsibility said there would be a cumulative £59bn of extra borrowing over the next five years, as a direct result of the decision

With the Treasury now expecting the public finances to be deep in the red until the next parliament, Hammond offered only modest handouts to the “just about managing” families (Jams) Theresa May’s government had said it wants to help, although he repeatedly used the mantra of “building an economy that works for everyone”.

The chancellor announced a renewed freeze in fuel duty, to help motorists - largely paid for with an increase in insurance premium tax from 10% to 12% - and a partial reversal of planned cuts to universal credit.

But Labour said there was no cash for either the NHS or social care, which are under increasing strain with winter approaching. Instead, the main thrust of Hammond’s first set-piece outing at the dispatch box was how to help Britain withstand the challenges of leaving the EU.

Instead of a headline-grabbing gimmick, Hammond ended his speech with the surprise announcement that he had delivered the final autumn statement. In future, budgets will be held annually in the autumn, with a more slimmed-down update in the spring, meaning that there would be two budgets in 2017.

Hammond told the Commons that the Brexit vote “makes more urgent than ever the need to tackle our economy’s long-term weaknesses, like the productivity gap, the housing challenge, and the damaging imbalance in economic growth and prosperity across our country”.

There is much much more ... with charts etc..everything . ;)
https://www.theguardian.com/uk-news/2016/nov/23/brexit-will-blow-59bn-hole-in-public-finances-admits-hammond

Thanks so much stupid people ... ..OY, we ought to round YOU up! just kidding of course ... of course!